MELBOURNE, AUSTRALIA: Orica Limited (ASX: ORI) has entered into an agreement to sell its Minova business to Aurelius Group (ETR: AR4), a European based investment firm, for A$180 million, a news release said.
Orica Managing Director and CEO Sanjeev Gandhi said: “The sale of Minova is consistent with our refreshed strategy, which identified Minova as non-core to Orica. This allows us to focus on our four key business verticals of growth – mining; quarry and construction; digital; and mining chemicals.
“The Minova business will benefit from new ownership with more focus and capital to support its growth.”
The transaction is expected to close in the first quarter of calendar year 2022 subject to regulatory approvals and other customary closing conditions.
Orica Limited (ASX: ORI) is one of the world’s leading mining and infrastructure solutions providers. From the production and supply of explosives, blasting systems, mining chemicals and geotechnical monitoring to cutting-edge digital solutions and comprehensive range of services.